Bank of England injects $40 bln into money markets

LONDON: The Bank of England on Tuesday pumped another $40 billion into money markets in a bid to ease credit-crunch pressures.

The BoE, which last Thursday began offering the sum on a daily basis, is lending more cash to banking institutions that are facing funding problems due to the worldwide tightening of lending criteria.

Major central banks agreed last week to inject hundreds of billions of dollars into money markets that have been battered by the ongoing financial crisis in order to ensure that banks can access short-term funds.